Federated Hermes Inc. Acquires 125,832 Shares of Primoris Services Co. (NASDAQ:PRIM)

Federated Hermes Inc. increased its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 115.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 235,166 shares of the construction company’s stock after purchasing an additional 125,832 shares during the quarter. Federated Hermes Inc.’s holdings in Primoris Services were worth $17,967,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of PRIM. Alliancebernstein L.P. increased its position in shares of Primoris Services by 2,302.4% during the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company’s stock worth $101,628,000 after acquiring an additional 1,274,839 shares in the last quarter. Congress Asset Management Co. bought a new stake in shares of Primoris Services in the fourth quarter valued at about $48,851,000. JPMorgan Chase & Co. boosted its position in shares of Primoris Services by 97.4% during the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock worth $59,026,000 after buying an additional 381,284 shares during the period. Norges Bank bought a new position in shares of Primoris Services during the fourth quarter worth about $22,636,000. Finally, Raymond James Financial Inc. acquired a new stake in Primoris Services in the 4th quarter valued at approximately $21,199,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the transaction, the chief executive officer now owns 46,796 shares in the company, valued at approximately $2,999,623.60. This trade represents a 56.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the sale, the insider now directly owns 12,586 shares of the company’s stock, valued at $858,868.64. This represents a 26.34 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is owned by company insiders.

Primoris Services Stock Up 9.1 %

Primoris Services stock opened at $58.66 on Thursday. The company’s 50-day moving average price is $66.15 and its two-hundred day moving average price is $71.41. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market cap of $3.15 billion, a P/E ratio of 19.42 and a beta of 1.17. Primoris Services Co. has a twelve month low of $42.82 and a twelve month high of $90.86.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date is Monday, March 31st. Primoris Services’s dividend payout ratio is currently 9.64%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PRIM. DA Davidson reaffirmed a “buy” rating and set a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. Guggenheim assumed coverage on Primoris Services in a research note on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective on the stock. JPMorgan Chase & Co. raised their target price on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. Piper Sandler began coverage on shares of Primoris Services in a research report on Tuesday. They set an “overweight” rating and a $75.00 price target on the stock. Finally, KeyCorp started coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective for the company. One research analyst has rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $87.38.

Primoris Services Profile

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.